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NY A07017
Bill
Status
Introduced
4/20/2015
Primary Sponsor
Annette Robinson
Click for details
AI Summary
- Expands the definition of "bank" in General Municipal Law to include credit unions, savings banks, savings and loan associations, and federal savings associations authorized to do business in New York
- Permits credit unions to accept municipal deposits at their principal office or branch office located within the jurisdiction of the local government
- Allows savings banks to accept municipal deposits at their principal office or branch office within the jurisdiction of a local government, reversing the prior prohibition
- Requires credit unions and savings banks accepting municipal deposits to pledge assets or furnish security satisfactory to the depositor for repayment when required by law, decree, or regulation
- Takes effect 90 days after becoming law
Legislative Description
Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.
Last Action
referred to banks
1/6/2016
Committee Referrals
Banks4/20/2015
Full Bill Text
No bill text available